A few taps on your mobile and that handbag, those kids' clothes or this kitchen gadget is on its way to you. This can be very convenient with busy lives and little time to go to the shops. But when money is tight or you want to save for something important, is it just too easy to overspend? If it's difficult to resist temptation and you want to cut back a bit - or a lot - to stop wasting … [Read more...]
Articles about "Snowballing" - how to clear debt fast
"Snowballing" is the name given to method of paying off your debts as fast as possible, by paying the minimum to all except one and overpaying that one by as much as possible every month. You will also end up with a great credit record!
To find how this works, how to choose which debt to make your top priority and ideas about how you can snowball most effectively, see Debt Camel's Guide to Snowballing.
This page is an archive of all articles about Snowballing in date order.
7 ways to detox your finances
Lots of people plan a detox after Christmas, when their body is feeling sluggish and unwell after too much food and time on the sofa over the Christmas break... But any time of year is a good time for a Money Detox if your bank balance is feeling ill and your credit card bills are rising! In a Money Detox, you aim to: hunt down and clear out the things that are poisoning your financial … [Read more...]
0% credit card deals in September 2017
In September 2017, you can get a 40 month 0% balance transfer deal if you pay a fee. Or you can get a 29 month deal with no fee at all! This is a great time to refinance your credit card debt - grab a deal as soon as you can because the really good ones may not be around in a few months! Why is this urgent? For a long period, the 0% offers were improving each month with lenders competing to … [Read more...]
Consolidate debt before getting a mortgage?
A reader asked: "We went to see a mortgage adviser to check if we qualify for a mortgage. We are first time buyers, me and my husband have 4 credit cards each and loans. Because we have a lot of debt, he advised us to go to our respective banks for debt consolidation by taking up a loan each to make one payment on all our debts. He said that was the best option for now. Also in that way we … [Read more...]
4 reasons to fix credit cards payments
If you are making the minimum payment to a credit card it will probably feel as though you are only paying interest and the balance isn't going down. You aren't alone - in July 2016 new research found that over 1.4 million people in Britain have been making minimum payments for three years or more. If you are caught in this minimum payment trap, what can you do? Of course it would be best to … [Read more...]
How banks make money from 0% balance transfer deals
In 2017 there is a lot of competition to get the top spot in the credit card best buy 0% transfer tables. At the moment (September 2017) the longest period is 40 months, You can see the current "best buys" for balance transfers here - if you know you can clear the balance soon, then look for a zero or very low fee transfer, if you think this is being too optimistic then look for the longest 0% … [Read more...]
Which debt should I clear first?
If you are determined to pay off your debts, then you may have heard of "snowballing" - it's the approach where you pay the minimum to all of your debts except one, which you overpay by as much as possible each month. (If you can't afford to pay the minimums to your debts, snowballing isn't for you - look at A simple roadmap of debt solutions to see what your options are.) But which debt should … [Read more...]
Is it better to consolidate debt or snowball it?
A reader asked about the best way to clear debt: "I owe about 12k and my partner a bit more. We are well paid but we can't rely on the bonuses and we want to get a house as soon as possible. What do you suggest? Preferably easy as we both work long hours - please don't tell me to take sandwiches to work!" First well done on taking the decision to do something about your debts. Large debts may be … [Read more...]
Winter is coming – for mortgages and debts
If you are a Game of Thrones fan, you will know the phrase "Winter is coming". Ominous and foreboding, it is the motto of the House of Stark. In Westeros, there can be many years of easy weather but these are always followed by a long, harsh winter. At the start of the series the "long summer" has been going on for nine years, but the signs are that the climate is about to change. In … [Read more...]
Frugal Finances or Increasing Income?
If you have a pile of debt you need to clear, is it better to increase your income or cut your expenses? Obviously either can be a big help, which is why they are both included in Debt Camel's Toolkit for Improving Your Finances. But I asked two of my favourite personal finance bloggers in Britain to write about which approach feels more important to them. Jane Clark is the blogger … [Read more...]